Tracer signs Nigerian agreement

Tracer Petroleum corporation has signed a Memorandum of Understanding with West African Energy Company (WAEL) of Nigeria to prepare a joint bid document for a prospective deepwater oil block situated offshore Sao Tome and Principe and Nigeria. WAEL is an investment management and energy project company which operates in the oil and gas sector of the Nigerian and West African region administered by the Joint Development Authority set up between Nigeria and Sao Tome and Principe, and is known as the Nigerian Sao Tome and Principe Joint Development Authority. Final selection of the offshore oil blocks will be selected based on data that Tracer will be acquiring in the coming weeks. It is anticipated that the preparation and submission of the bid documentation will proceed once licensing issues between Nigeria and Sao Tome and Principe are concluded, expected to be in the first quarter of 2003. Further information will be released to Tracer’s shareholders when available.

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